Hollywood Boulevard's New Real Estate Star

An only-in-Hollywood ribbon cutting ceremony featuring scantily clad dancers, Jimmy Kimmel and a performance by singer Robin Thicke plus the mayor, officially introduced Hollywood's newest real estate star: the W Hotel & Residences. After 10 years in development and almost three years of construction, the $600 million mixed-use, city-block-sized project adds 305 hotel rooms via the W Hollywood Hotel, 375 apartments at 1600 Vine (including 78 units of affordable housing that were snapped up in a lottery) and 143 W Residences to the famed intersection of Hollywood and Vine.

Kimmel called the project the "nicest subway station I've ever been at." And no doubt he was given a sweet deal for being associated with the project. Promotions aside, the transit-orientated development is a new idea for traffic-choked L.A.It's built on top of the Metro RedLine. Subway riders enter and exit from the complex's Hollywood Boulevard-fronting plaza adding an urban vibe to the W's pedestrian entrance. Hotel guests, condominium and apartment residents can also drive into the interior courtyard where residents have their own separate lobby and elevators.

Priced from the low $500s for a studio to more than $7 million for the three-bedroom penthouse, approximately 30 percent of the W Residences are under contract. L.A. Laker Sasha Vujacic is confirmed; whether you'll meet Jimmy Kimmel or Justin Timberlake (other reported buyers) in the W Residences' dedicated elevator is open to speculation.

Each residence has a private terrace; all are outfitted with pricey appliances such as energy-efficient Kupperbusch ovens, Subzero wine coolers and Poliform kitchen cabinets. Bathrooms are sleek and contemporary as well and have Kohler tub and double vanity and limestone flooring. The entire project is Silver LEED certified: green initiatives include resident recycling, induction cooktops that use less power and the use of locally manufactured and recycled materials in construction.

Among the perks for W Residences' buyers is access to the hotel's amenities including its rooftop pool, gym, room service, maid service and even a dog walking service (the most popular add-on at the W Dallas Victory Residences also from the same developer Gatehouse Capital). Additionally, residents have their own Capitol Records building-facing pool deck and gym. Also on-site: Delphine, a French brasserie on the ground floor from IDG (the folks behind Hollywood restaurants Katana and Sushi Roku), the W Living Room with marble bar and an outdoor lounge (weather permitting). A full service Bliss Spa and Drai's nightclub complete the perks at this urban resort.

Finishing touches are being completed; residents can expect to move-in by late March or early April. Still to come: a Trader Joe's market and Wells Fargo bank. Within walking distance are numerous Hollywood nightspots, restaurants, the ArcLight Cinemas and a lively Sunday Farmers Market.